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Points: 0 of 5 Brown's Salvage Company purchased equipment on January 1 , 2 0 2 4 , for $ 3 5 , 4 8

Points: 0 of 5
Brown's Salvage Company purchased equipment on January 1,2024, for $35,481. Suppose Brown's Salvage Company sold the equipment for $26,000 on December 31,2025. Accumulated Depreciation as of December 31,2025, was $12,902. Journalize the sale of the equipment, assuming straight-line depreciation was used.
First, calculate any gain or loss on the disposal of the equipment.
Market value of assets received
Less: Book value of asset disposed of
Cost
Less: Accumulated Depreciation
Gain or (Loss)
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